LTCG on exchange of house property.

Mr. A and B both exchange their house property and no extra consideration is paid by either one.

Value of property of A - 35 Lakh
Value of property of B - 30 Lakh

Exchange deed is executed and registered.

Will there be LTCG?
if yes,
Can they claim exemption under section 54 as they gave a house property and in liu received a house property.